Building robust and interconnected payment ecosystems are critical in achieving the country’s goal to raise the share of digital payments value to 30% by the end of 2020, an executive from digital financial services company PayMaya said.

“The digital transaction goal set forth by the Bangko Sentral ng Pilipinas (BSP) by 2020 is achievable,” said Shailesh Baidwan, president of PayMaya Philippines. “To ensure this accelerated growth, it is not enough to roll out stand-alone services. Building stronger payment ecosystems that connect consumers, enterprises, and the government is necessary. This entails establishing the right mix of relevant consumer services and incentives, offering universal payment acceptance solutions for merchants and government agencies — both online and offline, as well as bridging the underserved market to the digital economy through pervasive on-ground presence.”

Digital payments

“The digital payments experience has to be better than cash. On top of relevant features, security, and convenience, consumers are also experiencing firsthand a more rewarding experience with PayMaya through the numerous incentives such as PayMaya Preferred partner discounts and cashback promos,” Baidwan said.

Under its “Don’t Pay Cash. PayMaya!” campaign launched in late 2019, PayMaya seeks to highlight how digital payments offer more convenience and better rewards than cash. Every time PayMaya account holders buy load, pay bills, pay online or in stores, or send money to friends and family, they receive incentives in the form of cashback rewards that can range from as little as P10 to as much as P500 per transaction.

To further enhance the digital payments proposition, PayMaya also introduced breakthrough features in its app such as adding money via credit or debit cards, bank transfers to Instapay-enabled banks, lifestyle vouchers, as well as the first e-Money integration of BSP’s national QR code standard, QR Ph, for receiving money from participating financial institutions.

PayMaya innovations

PayMaya has partnered with the largest players in the quick-service restaurant, retail, pharmacy, transportation, and hospitality industries, as well as major government agencies, to equip them with seamless, universal digital payment solutions that allow them to accept all forms of payment in their branches or online.

This is achieved through the One by PayMaya device, an all-in-one point-of-sale (POS) terminal which integrates QR, credit, debit, and prepaid card payments in one device for in-store transactions. For online channels, PayMaya Checkout allows merchants and agencies to accept card payments as well as Pay with PayMaya, which only requires the customer’s mobile number linked to their PayMaya account.

All of these innovations make it easier for businesses and the government to accept digital payments from the general public. And if the 2019 11/11 Single’s Day shopping event is any indication–where PayMaya recorded a more than three-fold jump in the number of digital payment transactions for all of its platforms–many consumers are already on board with the “cashless” lifestyle.

Better Than Cash Alliance

“Not all Filipinos are going digital at the same pace. To ensure that no one is left behind, PayMaya’s on-ground presence through its Smart Padala agent network is bridging the underserved and unbanked to the digital economy,” Baidwan said.

Smart Padala has the widest remittance network with over 27,000 partner agents nationwide. These agents act as “digital hubs” in their communities, offering services such as bills payment and digital goods purchase on top of remittance.

The latest data released by the BSP from the study conducted by the United Nations-based Better Than Cash Alliance (BTCA) showed very encouraging signs of growth for digital payments in the Philippines. Digital transactions now comprise 20% in terms of value and 10% in terms of volume of all transactions in the country as of 2018, from just 10% and 1%, respectively, in 2013.

“This year is a turning point for digital payments in the Philippines. As we all work towards achieving the country’s digital transaction goal, PayMaya is at the forefront of this transformation,” Baidwan concluded.